Sovereign Trust Insurance Records N15.2bn Gross Premium

Sovereign Trust Insurance Plc(the company) has recorded a N15.2 billion Gross Premium Written(GPW) in 2022 as against N12.7 billion that was written in 2021, representing a 20% growth rate within the period under review.

While releasing its 2022 audited financials to the general public having gotten the requisite approval from the industry’s regulatory authority, National Insurance Commission(NAICOM), the company said, it also recorded a 9 per cent increase in its Profit Before Tax(PBT) of N962 million as against N885 million recorded in year 2021.

There was an increase in the company’s Total Equity which also grew by 9 per cent from N9.6 billion in 2021 to N12.4 billion in 2022.

The managing director/CEO of the insurance firm, Mr. Olaotan Soyinka, while responding to the issue said, the management of the company is committed to meeting and surpassing the expectations and aspirations of its shareholders and stakeholders alike.

“These performance levels are a confirmation of the management’s determination to effectively and strategically position the Company as one of the leading and vibrant insurance companies in the country while also making conscious efforts at propelling the Company to a profitable height for shareholders’ delight,” in the years ahead.